Saturday, June 28, 2003

Verizon sues Nextel claiming corporate espionage

Two of Virginia's telecom titans, Verizon and Nextel, have joined battle on a new front, as Verizon Wireless sued Nextel on Friday in the U.S. District Court for the Eastern District of Virginia, claiming that Nextel engaged in corporate espionage and other bad acts to get at Verizon's wireless technology, as reported here in this AP reports, which also notes that "[s]hares in Verizon fell 47 cents to $39.66 each in trading Friday on the New York Stock Exchange," while "Nextel shares rose 33 cents to $18.49 each on the Nasdaq Stock Market."